Here's some tips 'n tricks to make sure your Xero file is accurate, protected and delivering the most value for you!
1. Set up two step authentication for your login. It's easy to do and gives your data an added layer of protection. Click here for instructions.
2. Enter the opening balance of bank account/s when you start the file. There's little point having a bank feed driving your file if it's not accurate and reliable. Click here to ensure you're set up properly.
3. Check your actual bank balance against your Xero bank balance at least quarterly via the Reconciliation report and publish them for future reference. Click here for instructions.
4. Enter Contacts correctly the first time round. Xero allows you to create contacts on the fly which can be really useful, but if you take the time to set up a new supplier or client in the Contacts tab with all the details, you'll thank yourself in the long run. Click here for best practice set up or if you've managed to cook up a crazy multi-contact stew click here to easily merge them.
5. Set up superannuation guarantee (SG) as statutory rate in your employee pay template, that way Xero takes care of any rate changes automagically and you can rest assured you're compliant. Click here for help with setting up pay templates.
6. Lock down periods regularly. At the end of any reporting period ensure that it gets locked to stop anyone making changes down the track. The advisor can unlock upon request - but in the meantime it stops transactions being altered after they've been reported on. Click here to learn more.
Gabrielle Osborne (BAcc) is a small business specialist who loves to help business owners focus on what they do best. An innovation enthusiast and determined problem-solver, Gabrielle is also fun to work with.